Financial Assistance

Many times, financial difficulties are a direct result of a lack of knowledge and experience, especially for younger airmen. Uninformed decisions made today can have a significant impact on an airman's current readiness posture and impact his or her financial well-being in the future. The Military and Family Readiness Center has services, resources and educational tools designed to enhance your financial readiness and money-management skills. Call 803-895-1253 to make an appointment.

To increase an airman's ability to manage his or her personal finances, the M&FRC focuses on six pillars of financial readiness:

• Good credit: Airmen (and their families) are encouraged to learn and apply appropriate and effective methods for obtaining, managing, monitoring and protecting their credit ratings.
• Financial stability: At the core of financial stability is creating (and using) a spending plan to help families examine and modify their spending habits. Spending plans assist families in learning to live within their means.
• Routine savings: When unexpected or emergency situations arise, it is extremely important that airmen have sufficient money saved to cope with unforeseen circumstances. A systematic, regular and personal savings program is a central component of financial readiness. Savings can also play a key and decisive role in airmen being able to achieve their financial goals.
• Thrift Savings Plan: The Thrift Savings Plan is a federal government-sponsored retirement savings and investment plan. The purpose of the plan is to provide retirement income. In 2000, the National Defense Authorization Act extended participation in the TSP, which was originally only for federal civilian employees, to members of the uniformed services. Airmen should take advantage of the "miracle of compound interest" by saving/investing in their futures as early as possible.
• Low interest loans: In the event that airmen have the need to borrow money, it is highly important that they are aware of some of the predatory lending practices that may trap them in "the cycle of debt." There are a number of viable options that are available.
• Security clearance: This is a paramount readiness issue. Failure or inability of airmen to live within their means, satisfy just debts and meet other financial obligations may indicate poor self-control, lack of judgment or an unwillingness to abide by rules and regulations. Each of these categories can raise serious questions about an airman's reliability, trustworthiness and ability to protect classified information. Airmen who are financially overextended are at risk of having to engage in illegal acts to generate funds. Learning effective money-management techniques allows airmen to avoid potential security clearance-related problems

Shaw's Cost of Living

Living in Sumter is less expensive than the national average, with housing costs 37.0 % lower at $756 per month for a single person and $1385 per month for a family of four. Food expenses run 14.9 % below average at $340 monthly for an individual and $1106 for a family, while energy, transportation and healthcare costs are 19.9 % lower at about $701 per month for one person and $1545 for a household. These costs bring the total monthly expenses to $1797 for a single person and $4036 for a family of four, making Sumter one of America's least expensive cities.

Air Force Aid Society 

During your move, if you find yourself in need of emergency financial assistance, the Air Force Aid Society may be able to assist you. These assistances are no longer processed at the Military and Family Readiness Center. If you are not near a military installation, contact the American Red Cross for assistance.

Advance Pay

Advance pay is a loan on income not yet earned, and it must be paid back within 12 months. Although it seems like a good idea and you can afford it now, things could change during that year placing you in a financial bind. Before taking advance pay, carefully consider your budget (your M&FRC is available for help with this), so you can determine if this new debt is your best option.